JSPL gains on board's nod for pref allotment to promoter

Jindal Steel & Power rose 2.86% to Rs 122.30 at 9:24 IST on BSE after the company said its board approved allotment of convertible warrants to a promoter group entity.

The announcement was made after market hours yesterday, 30 March 2017.

Meanwhile, the S&P BSE Sensex was down 50.75 points or 0.17% at 29,596.67.

On the BSE, 2.37 lakh shares were traded on the counter so far as against the average daily volumes of 22.83 lakh shares in the past one quarter. The stock had hit a high of Rs 123.10 and a low of Rs 120.45 so far during the day. It had hit a 52-week high of Rs 131.80 on 17 March 2017 and a 52-week low of Rs 55.65 on 30 March 2016.

The large-cap company has equity capital of Rs 91.50 crore. Face value per share is Rs 1.

Jindal Steel & Power (JSPL) said its board at a meeting held yesterday, 30 March 2017, approved issue of 4.80 crore convertible warrants to Opelina Finance and Investments, a promoter group entity on preferential basis, subject to the approval of the shareholders of the company and other necessary regulatory approvals. Opelina Finance and Investments owned 9.82% stake in JSPL end December 2016.

The board also approved the issue of 14.20 lakh equity shares to Nalwa Steel & Power on preferential basis, subject to the approval of the shareholders of the company and other necessary regulatory approvals.

On consolidated basis, JSPL reported net loss of Rs 407.44 crore in Q3 December 2016 as against net loss of Rs 573.48 crore in Q3 December 2015. Net sales rose 28.1% to Rs 5296.80 crore in Q3 December 2016 over Q3 December 2015.

JSPL is one of India's leading integrated steel manufacturers, significantly present in steel, power generation and Infrastructure segments and catering to a large part of India's domestic energy and infrastructure requirement.

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